Our Plus500 review found the forex broker’s popularity is due to:
- Guaranteed stops and other risk management tools
- No commissions (spreads only fees)
- Leading Forex Platform across all devices
- The ability to also trade shares, CFDs, Commodities and more
Risk Management Tools Offered By Plus500
Plus500 is one of the leaders in it’s field when it comes to tools to help forex traders manage risk including guaranteed stops which are only offered by a handful of brokers.
A guaranteed stop loss order means you can determine the most you are willing to lose on a trade any no matter how turbulent the markets are, you can not lose more than that amount. A standard stop loss order on the other hand in turbulent markets can lead your losses exceeding the limits set.
There are other risk management tools including:
1) Account leverage tailored for you
Forex traders can choose the leverage level to suit their experience levels and risk appetite.
A trader’s leverage can be determined based on ‘equity’ and the ‘total position value’. Depositing or withdrawing funds impacts equity while total position combines this with the leverage chosen. The account snapshot diagram within the forex broker platform shows these two metrics when forex trading.
2) ‘Close at Profit’ and ‘Close at Loss’ Tools
Unlike a guaranteed stop loss which has a premium price, these two tools are standard and have no additional charges.
Using these tools lets you exit the market if it moves in the wrong direction or take profits once your profit target is achieved. This means that you can calculate what price will determine the profit/loss you want to achieve making currency trading simple.
3) Trailing Stops
Similar to ‘close at profit’ that allow you to exit the market when your profit target is met, a trailing stop will move with your profit.
If a market moves in the wrong direction, this mechanism will close out your position at a new level locking in profits while limiting downside risk. The key benefit is you don’t have to closely watch the market when your trading in the market.
4) Price Alerts
This feature allows you to be notified when your buy or sell predetermined price is reached and it’s time to act on the market.
These alerts don’t action the trade so you can still determine if you want to close your position or allow it to remain open for a longer period. A price alert screen, sound and bell icon are features to ensure you don’t miss when this price occurs.
Plus500: Bonuses and Special Promotions
Please be aware that due to regulation changes by the Cypriot regulator CySEC in April 2017, Plus500 and other CFDs brokers regulated in Cyprus, are no longer able to promote sign up bonuses. Bonus offers are still legal in other jurisdictions but it is understood other financial regulators such as the FCA and ASIC are exploring the option of following Cyprus’ lead. As a general rule bonus offers are used to incentivise new traders, giving them a slight head start. It was for this very purpose that Plus500 bonus offers WERE generous. In fact they were among the most competitive bonus offers we have come across in the industry. However, they were stopped in compliance with CySEC.
Forex & CFDs brokers always adapt to new regulation changes. It is not known what new sign up incentives or ‘tactics’ Plus500 will offer new traders in the future. For now their other features such as guaranteed stops, zero commission trades and market leading platforms make them an attractive broker of choice for new and experienced traders alike.
Trading Software: Plus500
It offers a comprehensive and easy to use platform for Forex trading. One can trade in multiple markets from a single screen and offers real time quotes on all assets.
The software experience is clean and all tabs are clearly displayed showing clear information on trading positions both current and past. The charts are clearly displayed and it do not show multiple graphs, bombarding the trader. The trading platform is available in 3 different versions: the first is a downloadable version that can be easily copied onto laptop or PC, the second one is web based and requires net connectivity and the final version of the platform is for mobile and tablet. The trading interface is not complicated and customers can start trading without needing any further support.
Deposits and Withdrawals: Plus500
Our Plus500 review found that funding is fairly easy as it offers a myriad of payment methods for deposits and withdrawals. One can transmit money through Moneybookers, Neteller, American Express, Electronic Wire Transfer, Visa, MasterCard, Debit/Credit Card, Liberty Reserve and many more. Deposits are acknowledged the same day itself while the withdrawals can take anywhere between 3-5 days to process which is standard for the verification process. It takes a few minutes to complete the payment procedure, they can contact the customer care executives who will rectify the problem in the next 24-48 hours.
Plus500 Review: A Brief history
The company was founded in late 2008 and is an Aust. regulated broker with around 6 years of unblemished service. It is regarded as one of the largest brokers operating in Australia and Europe with thousands of satisfied Australian clients and customers. Not only did our Plus500 review find they offer other services like shares, Exchange Traded Funds and CFDs. It has got more than 1 million satisfied customers worldwide who can vouch for its excellent service and trading benefits. Their trading services are available in 34 different languages including English which means that it can adhere to the needs of all kinds of people in a number of different countries across the globe.
There are probably hundreds of brokers operating in the Forex industry in Australia all of whom promise traders fantastic service. Anyone new to this format of currency trading will quickly work out that it is an incredibly difficult task selecting the best broker for their trading needs. Traders always need to be very careful to ensure they DO NOT get scammed or become the latest victim of yet another Forex scam.
It is no surprise forex traders are incredibly nervous when finalising their broker decisions and with so many forex trading companies available and the well known risks associated with forex trading who can blame them? A good way of differentiating forex companies is by their sign up bonus offers. Of course there are other factors that need careful consideration such as trading securely and whether a company is sufficiently regulated. However, if you’ve already conducted this research, selecting a forex company based on sign up bonuses is an ideal way to start. Our Plus500 review of their bonus offers are incredibly competitive and they are a much recommended broker.
If you are someone who is relatively new to online trading, then Plus500 is a very good broker to start trading with. It is a very reliable broker and offers the best exposure to currency markets with the best payouts and lowest spreads. It offers an exhaustive educational centre for beginner traders to gain essential knowledge about the basics of Forex trading. Plus-500 customer service is good and staff members are very helpful and friendly. The trading platform is very graphical and intuitive and offers a fantastic trading experience. Moreover, it is regulated by a large number of regulatory bodies around the world including the UK’s Financial Conduct Authority (FCA) which shows that the broker is safe and reliable. If you want to get a head start on your Forex trading then the Plus-500 bonus offer can catapult you to great financial success.
Plus500 is an international Forex & CFD provider regulated in Cyprus, the UK and in Australia.
Reviewed by Noam Korbl